In a move that will significantly broaden its lien release business, First American Financial Corp. is acquiring Bank of America’s lien release business operations and assets for an undisclosed sum.
As part of the deal, which is expected to close in the first quarter of 2018, First American will continue to provide lien release services to Bank of America.
“We’re excited to soon welcome the Bank of America lien release team to First American,” says Dennis J. Gilmore, CEO at First American Financial Corp., in a release. “The post-closing function is important in today’s mortgage lending environment, and this move will enhance the breadth of our post-closing products and services.”
Once the sale is complete, Bank of America’s lien release business and its employees will become part of First American’s Mortgage Solutions division.
“This move will further solidify First American’s industry leadership in post-closing services and collateral file perfection,” adds Kevin Wall, president of First American Mortgage Solutions. “It demonstrates our ability and commitment to provide lenders, servicers and investors post-closing services at an unmatched scale and level of efficiency, supported by fraud detection, loan quality and compliance analytics, and First American’s number-one industry position in real property data coverage.”